dream come true., page-7

This is my thought with no evidence backing it on why SMY went to $6. This may help as an explaination.

I think that SMY just followed the bullish market sentiment. Most stocks did. BHP went up to $50 on the back of a rumour. Nickel producers know that buyers are watching, so I think a bit of takeover speculation plus some market enthusiasm pulled it higher.

The fundamentals have pulled it back.

HT1